Mike Cagney Shares his Student Loan Recommendations with the CFPB
Earlier this year, the Consumer Financial Protection Bureau (CFPB) solicited input on how to “stop the student debt domino effect.” Tens of thousands of individuals and organizations responded with their comments and suggestions along with our very own CEO Mike Cagney.
Mike’s letter, which can be found in full here, details the policy hurdles companies like SoFi face in accessing capital markets and, therefore, funding more loans. From the SEC adopting the JOBS Act to the government breaking up the ratings agency monopoly, there are multiple areas where policy can facilitate greater innovation in student lending, particularly related to refinancing high quality borrowers.
As a result of his insightful comments, Mike has been invited to provide testimony at a CFPB field hearing on May 8 in Miami, Florida. Mike is thrilled to share his ideas on improving student loans, and SoFi is delighted to continue our positive relationship with the CFPB.